Financial Statement Analysis and Security Valuation：财务报表分析与安全评估.pptVIP

Financial Statement Analysisand Security ValuationStephen H. Penman Prepared by Peter D. Easton and Gregory A. Sommers Fisher College of Business The Ohio State University With contributions by Stephen H. Penman – Columbia University Luis Palencia – University of Navarra, IESE Business School Recall: The Focus: Accounting-Based Valuation The task is to determine premiums over book value (or equivalently, the P/B ratio) What will future ROCE (residual earnings) be? Point of departure: Current ROCE and growth How will future ROCE and growth be different from current ROCE? Steps in Fundam